Can you switch Pet Business Insurance mid-policy?

For many Australian pet business owners, business insurance can become something you think about once a year. Your renewal arrives, you review the premium, renew your policy and get back to running your business.

But your business can change significantly during those 12 months.

Whether you run a grooming salon, boarding kennel, dog walking business, pet sitting service, training business, pet store or another business within the pet industry, the risks you face today may look very different from when you first arranged your insurance.

And if your current insurance is no longer right for your business, you may not necessarily have to wait until renewal to explore your options.

You may not need to wait until renewal

A common misconception among business owners is that once you have taken out an annual business insurance policy, you are locked in with that insurer until the policy expires.

Depending on your insurer and policy terms, you may be able to cancel your business insurance during the policy period.

Subject to the relevant Product Disclosure Statement (PDS), policy wording and cancellation conditions, you may also be entitled to a pro rata refund for the unused portion of your premium, less any applicable cancellation fees or charges.

Every insurer and policy is different, so it is important to understand the conditions that apply to your existing cover before making a change.

The Petcover Business Insurance team can help review your existing insurance and explain your options, allowing you to make a more informed decision about whether switching now or waiting until renewal is right for your business.

Why pet businesses should regularly review their insurance

Pet businesses come in many shapes and sizes, and their insurance needs can change as they grow.

A dog groomer might purchase new equipment or move into larger premises. A dog walker might begin looking after more animals at once. A boarding kennel could expand its facilities, while a pet retailer might increase its stock or introduce new services.

Even relatively small changes can alter the risks your business faces.

Regularly reviewing your insurance gives you an opportunity to consider whether your current policy still reflects:

• The services your business provides
• The number of animals in your care
• Your equipment, stock and business property
• Your premises or working arrangements
• The size of your team
• Your exposure to public liability risks
• Your reliance on technology and digital systems
• The financial impact if your business was unexpectedly interrupted

Insurance that suited your business several years ago may not necessarily be the most appropriate option today.

What insurance could a pet business need?

There is no single insurance solution that suits every pet business.

A mobile dog walker will have very different risks from a large boarding kennel, while a grooming salon may have different requirements again.

Depending on your business and circumstances, insurance options may include cover such as:

Public Liability
Protection against certain claims involving third party injury or property damage arising from your business activities.

Professional Indemnity
Cover that may help protect your business against certain claims arising from professional services or advice.

Property and Contents
Cover for eligible business property, contents, stock and other insured assets.

Equipment and Electronic Cover
Protection for eligible equipment and electronic items your business relies upon.

Business Interruption
Cover designed to help with certain financial losses if an insured event prevents your business from operating as usual.

Theft and Money
Cover for eligible loss or damage involving business property, stock or money.

Cyber Insurance
Protection against certain cyber risks that can affect businesses storing customer information, accepting online bookings or payments, or relying on digital systems.

Management Liability
Cover designed to protect businesses and their management against certain risks associated with managing a company.

The cover appropriate for your business will depend on what you do, how you operate and the risks you face.

Signs it might be time to review your current policy

You do not necessarily need to wait for your renewal notice before reviewing your business insurance.

It may be worth taking another look if:

• Your premium has increased significantly
• You’ve added new services
• You’ve purchased new equipment
• You’ve moved premises or expanded your facilities
• You’ve hired employees or expanded your team
• Your turnover has changed
• You’re looking after more animals
• You’ve started offering mobile or off site services
• You’re unsure exactly what your current policy covers
• Your existing insurance was arranged several years ago and hasn’t been thoroughly reviewed since

Even if you ultimately decide to stay with your existing insurer, reviewing your cover can help you better understand how well protected your business is.

Understanding your options before switching

Changing insurers shouldn’t be based on price alone.

Before making a decision, it is important to understand what your current policy covers, what exclusions and limits apply, how cancellation works and how an alternative policy compares.

The Petcover Business Insurance team can help you review your existing arrangements and consider:

• Your current level of cover
• Your policy’s cancellation provisions
• Whether a refund of unused premium may be available under your existing policy terms
• Whether your current insurance reflects the way your business operates today
• Alternative cover options available for your pet business
• A tailored, no obligation comparison quote

This gives you the opportunity to compare your options before deciding whether making a change is worthwhile.

Business insurance built around the pet industry

Running a pet business comes with responsibilities that businesses in many other industries simply don’t face.

You’re not only dealing with customers, equipment, premises and employees. You may also have someone’s much loved pet in your care.

Petcover has been supporting Australia’s pet community for decades. Our Business Insurance team understands the pet industry and can help arrange cover based on the individual needs and risks of your business.

Whether you’re a groomer, kennel or cattery operator, dog walker, pet sitter, trainer, pet retailer or another pet industry professional, we can help you review your existing insurance and explore your options.

Should you switch your business insurance mid-policy?

There isn’t one answer that will be right for every pet business.

Depending on your current policy, cancellation conditions, premium and insurance needs, changing insurers during your policy period may be worth considering. In other circumstances, waiting until renewal may make more sense.

The important thing is knowing that you can review your options rather than automatically assuming you have to wait.

If your pet business has changed, your premium has increased or you simply haven’t reviewed your insurance recently, speak with the Petcover Business Insurance team.

Call 7058 0261 to discuss your pet business insurance or request a tailored, no obligation comparison quote.